Strategic Real Estate Moves by Qatar’s Royal Family in Miami’s Financial District
In a significant real estate transaction that has captured the attention of the global financial community, members of Qatar’s esteemed royal family, the Al Thanis, have divested their interests in the SLS Brickell hotel, located in the heart of Miami’s bustling financial district. The property, which stands as a testament to luxury and opulence, was acquired for a sum of $55 million by the Kastrati Group, a conglomerate with Albanian roots.
The SLS Brickell, an architectural marvel situated at 1300 South Miami Avenue, encompasses 124 rooms, translating to a valuation of approximately $444,000 per room. The transaction was facilitated by Miami’s renowned broker, Jordan Karp, who represented both the Al Thanis and the Kastrati Group. Stefano Santoro, a notable figure in the disruptive real estate sector, played a pivotal role in assisting Karp from the buyer’s side. However, the brokers have maintained discretion regarding the intricate details of the buyer’s identity.
This acquisition is particularly noteworthy as it marks the Kastrati Group’s inaugural venture into the U.S. real estate market. Under the leadership of Shefqet Kastrati, the conglomerate boasts a diverse portfolio, spanning sectors such as oil, insurance, construction, and infrastructure.
The SLS Brickell’s history is as intriguing as its architecture. In 2018, an affiliate of the Al Thanis procured the hotel for $43 million from its original developer, the Coconut Grove-based Related Group. The hotel, a 54-story mixed-use edifice, was conceived by the visionary French architect Philippe Starck in collaboration with Miami’s own Arquitectonica. Its offerings include a sprawling 58,000 square feet of event space, gourmet restaurants, upscale bars, a rooftop pool terrace, and grand ballrooms. The management of the hotel is under the aegis of Accor Hotels, a global leader in the hospitality sector.
The real estate landscape of Miami continues to evolve, with the Al Thanis recently divesting an SLS Brickell restaurant space, which was acquired by Robert Rivani’s Black Lion Investment Group for $10 million. Furthermore, the Related Group, in partnership with the Allen Morris Company, has also developed the nearby SLS Lux Brickell Hotel & Residences.
In a broader context, the Miami real estate market has witnessed several noteworthy transactions. Michigan-based hoteliers Malik Abdulnoor and Sahir Malki recently invested $21 million in the Hampton Inn Fort Lauderdale/Plantation. Additionally, the Nakash family from New York, in collaboration with Michael Palmer, acquired the Beacon South Beach Hotel in Miami Beach for $23.5 million.
For hedge fund managers and investors, these transactions underscore the vitality and potential of the Miami real estate market, offering lucrative opportunities for those with a keen eye for value and growth.
Monarch Alternative Capital Buys 801 Brickell Office Tower for $250 Million
The 801 Brickell office tower in Miami is being purchased by Monarch Alternative Capital and Tourmaline Capital Partners for roughly $250 million.
This 28-story building is anticipated to close in the next week. According to property records, the building was finished in 1984 and has a total square footage of 695,000 square feet, 415,000 of which are offices. The building was purchased in 2002 for $80.3 million by Nuveen, the financial division of the Teachers Insurance and Annuity Association of America, or TIAA. Over 90% of units at 801 Brickell are leased.
Among the tenants are the bank Cassel Salpeter, the investment business Selvatra, and Swiss Re AGroup. The 7,000 square foot office will be opened in the fourth quarter by BNP Paribas Securities Corporation, a division of the European bank BNP Paribas. Komodo, a restaurant owned by Groot Hospitality, has a location at 801 Brickell as well.
Approximately 60% of the purchase price is being financed by 801 Brickell’s buyers.
Apollo Capital Management, Canadian asset management CI Financial, and private equity company Thoma Bravo are three financial institutions that have recently leased space in Brickell. Also relocating from Chicago to Brickell is billionaire Ken Griffin’s Citadel and Citadel Securities.
Since Griffin’s $286.5 million purchase of the structure at 1221 Brickell Avenue in the summer of last year, Monarch and Tourmaline’s acquisition is the largest office transaction in South Florida.
With some asking rentals over $100 per square foot, the number of tenants has driven Brickell rents to all-time highs. The 801 Brickell acquisition is partially a bet on rental growth at the tower because, according to sources, new leases are signing for over $100 per foot, which is significantly more than the rates for existing leases.
According to its website, Tourmaline is an office investment company created in 2021 that has made $3 billion in deals and has 1.4 million square feet under construction. Brandon Huffman is in charge of it.
The Citigroup Center in downtown Miami, located at 201 South Biscayne Boulevard, is likewise a property owned by Monarch and Tourmaline. The 34-story tower also has CP Group, formerly known as Crocker Partners, is listed as a co-owner.
Dolce & Gabbana Partners with 888 Brickell on 90-Story Residential Tower
Dolce & Gabbana debuts its first real estate project in Miami at 888 Brickell Avenue in Downtown Miami. Designers Domenico Dolce and Stefano Gabbana ‘selected’ the condominiums, which come in several marble selections and colors.
Michael Stern, CEO and founder of the developer JDS Development Group stated that the involvement of the fashion house in residents’ daily lives will go beyond the structure of the one- to four-bedroom condos and/or the building’s opulent amenities. Instead, each of the 259 homes will have a full “curation” of everything inside.
The three color schemes include: white with Bianco Striata Marble, black with Nero Marquina Marble, and gold with Giallo Imperiale Marble.
According to Stern, the homes include “very elaborate marbles, amazing light fixtures… and an incredibly luxurious palette.” People have a lot of freedom to make from the options for their units.
The building was designed by Studio Sofield, the same company that also worked on notable projects like New York’s rail-thin Steinway Tower, and depictions show opulent details like Venetian chandeliers and freestanding bathtubs in front of expansive ocean views.
The company’s CEO, Alfonso Dolce, indicated that the ultimate objective is to become “ambassadors of ‘Made in Italy’ in the world” and to expand “the perimeter of the company’s activities with a view to an all-round lifestyle experience.”
The amenities that are often found in high-end buildings, such as restaurants, bars, fitness centers, shared offices, and conference rooms, will be available to 888 Brickell residents. Additionally, there is a 4,000-square-foot pool deck with a 44-foot pool and views of Miami Beach, Biscayne Bay, and the Atlantic Ocean.
The most luxurious condos will cost more than $35 million, with prices starting at about $3.5 million.
Dolce&Gabbana is not the only luxury brand investing in Florida in this way. Bentley and Porsche, two Volkswagen Group-owned car companies, have also built towers along the state’s coastline, while Armani provides residents with access to a private beach from its skyscraper.
Meanwhile, the number of fashion industry leaders opening branded hotels throughout the world has increased recently. Examples include Bulgari, Versace, and Roberto Cavalli. They do this by drawing on their well-established aesthetics and identifiable designer brands.
New Residential Tower Announced in Brickell
Chicago-based developer Focus has recently released renderings for a new 39-story residential tower in Brickell. The abandoned Starlite Motel land in Brickell is where the residential tower will be built. The Starlite Motel has already been demolished in preparation for construction.
On August 30, Miami-Dade County received the zoning and general plan applications. The project is being approved through the county’s Rapid Transit zoning procedure, which has grown to be a popular substitute for the City of Miami approval procedure. From a pre-application submission on August 4, renderings have been revised. Gensler is the architect.
Development Information:
517 residential units
8,282 sq. ft. of ground floor
indoor/outdoor and rooftop amenity space
506 parking spaces
According to a letter from the developer, the project also has cross-block connectivity on the ground floor via a driveway and walkway on the west side of the property, which will enhance both vehicular and pedestrian circulation inside and outside the development.
Summit Brickell Proposed in Brickell Miami
In the Brickell district of Miami, Lore Development Group has submitted designs for, Summit Brickell, a mixed-use development at 1015 Southwest 1st Avenue.
The 69-story tower would be built on a 22,712-square-foot plot of land that is near the Brickell Metromover Station, on the southeast corner of SW 1st Avenue and SW 10th Street. The almost 843-foot-tall building, designed by Corwil Architects, would have an interior area of 875,525 square feet, including 500 residential units, 2,174 square feet of ground-floor retail space, and an integrated 11-story garage with 480 parking spaces.
Renderings of a modern, elegant tower with rounded corners and dynamic moving volumes have just been unveiled. This tower is intended to easily blend into the surrounding urban landscape. The tower’s use of continuous balconies, which gracefully round the building and provide future occupants with spectacular panoramic metropolitan views, is a standout feature. With an approximate height of 843 feet, the tower dominates the Brickell skyline and dwarfs nearby buildings in size. The height between the mechanical level and elevator bulkhead and the rooftop is around 825 feet.
The property has a gross area of 1.011 acres, or 44,020 square feet, and a net area of 0.520 acres, or 22,712 square feet, according to the registration paperwork. The property was purchased for $35 million by Lore Development Group, a partnership between Leste Group and the Brazilian real estate company Opportunity Fundo de Investimento Imobiliário. It consists of several properties, including 74, 78, 84, and 88 SW 10th Streets, 1013, 1015, and 1021 SW 1st Avenues.
The property is expected to offer a range of unit sizes, from 496 to 1,436 square feet, including studios, one-bedroom, two-bedroom, and three-bedroom floorplans. It is anticipated that the flats will be offered for rent given their size. Residents will have access to additional recreational areas thanks to the facilities, which will be housed on the 13th and 69th floors and include a rooftop pool deck.
Due to the fact that this is the pre-application stage, detailed information regarding the material board is not available. However, it may be assumed from the elevation diagrams that the balconies will include wrap-around glass railings, acting as both decorative and utilitarian elements that emphasize the towers’ elevations. Floor-to-ceiling glass panels with aluminum frames are anticipated for the windows, and gray stucco is probably what will be used to complete the external walls. A metal mesh screen is planned to cover the garage, adding a distinctive visual aspect. Additionally, it is planned to add glass panels to the towers’ crowns to further improve the development’s aesthetic appeal.
According to reports, construction on the project will begin in June 2024 and finish in the summer of 2027.
Rooftop Skydeck Design Revealed for Lofty Brickell
Newgard Development Group has recently revealed designs for a rooftop sky deck on the 44th floor at Lofty Brickell.
The 10,000-square-foot space can host private events of all sizes, from intimate corporate get-togethers to wedding celebrations. The rooftop will have a catering kitchen, a private pool, modular couches, movable bars, and gorgeous vegetation. When events are not occurring, owners will have exclusive use of the area.
According to the newest press release, the project has reportedly been sold out more than 92% overall with a few penthouse units left, beginning at $2.2 million.
The 362-unit LOFTY, designed by Arquitectonica, has 40,000 square feet of thoughtfully chosen amenities, including a private marina, a members-only social club, resort pool deck, and fitness center, indoor/outdoor cigar lounge, co-working lounge, meeting rooms, along with 309 tower residences, including studio, one-, and two-bedroom units.
The 53-unit Penthouse Collection at LOFTY features roomy two-, three-, and three-bedroom plus den apartments that have been carefully selected and will be outfitted by renowned design firm Artefacto. Penthouses range from $1.95 million to $3.5+ million.
A 5-star alternative for the owner and traveler who might choose to stay and own differently but does not want to give up the services and amenities of a hotel, LOFTY is the next evolution of condo ownership, located just across from Brickell City Centre. Each home will be delivered finished and furnished, and short-term rentals are allowed under professional supervision.
The 44 levels of upscale interiors at LOFTY were designed by INC, the multi-disciplinary INC Studio. The landscape designer is Urban Robot Associates.
The 44-story luxury condominium located at 99 SW Seventh St, Miami is now under construction on the Miami River. The new partnership with YUPIX is expected to boost interest in LOFTY even further.
If you or someone you know have an interest in purchasing at LOFTY, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Groundbreaking Scheduled for 2200 Brickell
Ortega Construction Company has been chosen as the general contractor for 2200 Brickell, a new residential complex in Miami’s Brickell district by Aria complex Group, Largo, and Place Projects. This five-story boutique building with 105 homes will be built by Ortega Construction Company, known for its outstanding reputation in the industry. 2200 Brickell, designed by Revuelta Architecture International with interiors by ODA, is positioned to make a distinctive contribution to the burgeoning real estate market in the area.
2200 Brickell aspires to satisfy the desire for a great living environment and has been dubbed an urban sanctuary that smoothly combines city life with a paradise-like setting. The project’s distinctive blend of hospitable workspaces, active residential lifestyles, and family-friendly living, according to Largo founder Nick Werner, sets it different from other developments in Brickell. Ortega Construction was chosen as a partner in the development of 2200 Brickell because of their vast industry knowledge and capacity to complete high-quality projects on schedule.
An award-winning general contractor with its headquarters in Miami, Ortega Construction Company is renowned for its outstanding work on projects including The Fairchild, First Street, Grand Station Tower, and Grove Station Tower. The team for 2200 Brickell is dedicated to completely comprehending the project’s logistics, the local area, and the traffic patterns on Brickell Avenue while development is taking place. To create a superb end result that homeowners can enjoy for generations, attention to detail and a focus on quality will be prioritized throughout the construction process, with special emphasis on the rooftop amenity deck.
The collaboration with Aria Development, Largo, and Place Projects on 2200 Brickell excites Michael Ortega, President & CEO of Ortega Construction Company. The project stands out as a special offering in South Florida due to its amazing location, outstanding amenities, and overall design.
The condos at 2200 Brickell, which are situated on Brickell’s storied Millionaire’s Row, were painstakingly created to improve the quality of life for inhabitants by fusing organic and geometric design features. The building has garden villas and condominiums with two, three, and four bedrooms that range in size from 1,200 to 2,100 square feet.
Building Amenities:
One-acre rooftop sanctuary
Resort-style pool
Outdoor spa
Pool-side cabanas
Pickleball court
Summer kitchen
Outdoor fitness area designed by Homage Fitness
Children’s play area designed by Silver Hill Arts
Quarter-mile walking track
Bicycle storage
Custom children’s playroom by Silver Hill Arts
State-of-the-art indoor fitness center by Homage Fitness
Wellness lounge with a treatment room and sauna
Work-from-home suites with conference room
Resident lounge
Entertaining space
Luxer One automated parcel storage with a contactless digital package developer system
Double-height 24-hour attended lobby
Above ground park with direct residence access
On-site valet parking
Electric vehicle charging stations
The 2200 Brickell project is scheduled to begin construction in the fourth quarter of 2023, and residences there start at $1.2 million.
If you or someone you know have an interest in purchasing at 2200 Brickell, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Lofty Developers Announce Partnership YUPIX Technology for Meta-Reality Tours
Developer for Lofty Brickell, Newgard announced their collaboration with the immersive technology company YUPIX to provide meta-reality tours of the new construction tower.
YUPIX assists in smarter real estate marketing and sales. It is driven by cutting-edge software technology, including Artificial Intelligence, which creates experiences that are incredibly lifelike. Insightful recommendations that evolve over time based on user feedback are seamlessly combined with the social power of an unrivaled Meta-RealityTM experience.
Participants can actually feel as though they are strolling through the penthouses and opulent amenity spaces of LOFTY and soaking in the breathtaking views of the building from various vantage points thanks to the innovative technology.
According to the CEO of Newgard Development Group Harvey Hernandez, “We always strive to push boundaries and redefine what is possible through our developments. Partnering with YUPIX accomplishes that and showcases LOFTY in a new and innovative way. The LOFTY team cannot wait to welcome our buyers to the LOFTY metaverse.”
The 362-unit LOFTY, designed by Arquitectonica, has 40,000 square feet of thoughtfully chosen amenities, including a private marina, a members-only social club, resort pool deck, and fitness center, indoor/outdoor cigar lounge, co-working lounge, and meeting rooms, along with 309 tower residences, including studio, one-, and two-bedroom units.
The 53-unit Penthouse Collection at LOFTY features roomy two-, three-, and three-bedroom plus den apartments that have been carefully selected and will be outfitted by renowned design firm Artefacto. Penthouses range from $1.95 million to $3.5+ million.
A 5-star alternative for the owner and traveler who might choose to stay and own differently but does not want to give up the services and amenities of a hotel, LOFTY is the next evolution of condo ownership, located just across from Brickell City Centre. Each home will be delivered finished and furnished, and short-term rentals are allowed under professional supervision.
The skyscraper will have the first-ever collection of NFT artwork created just for condo owners, incorporating digital art into the design of the new residential structure and giving ownership of a unique NFT to each unit owner upon closing.
The 44 levels of upscale interiors at LOFTY were designed by INC, the multi-disciplinary INC Studio. The landscape designer is Urban Robot Associates.
The 44-story luxury condominium located at 99 SW Seventh St, Miami is now under construction on the Miami River. The new partnership with YUPIX is expected to boost interest in LOFTY even further.
If you or someone you know have an interest in purchasing at LOFTY, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Three Story Food Hall to Open in Brickell April 28th
The popularity of food halls in Miami is still growing. Okeydokey, the newest multi-concept dining spot in the city, is scheduled to open in Brickell on Friday, April 28.
Okeydokey bills itself as a food-driven dining and entertainment hub and occupies three floors in a gleaming standalone structure close to Brickell City Centre. Six full-service kitchens, three bars, and a 3,000-square-foot outdoor patio with seating for more than 300 people are all included in the 15,000 square feet of indoor and outdoor area.
The Doce Provisions team’s rotisserie chicken and burgers at Little Bird, Yoso Ramen’s Japanese cuisine, MAC’s Asian fusion cuisine, Dal Plin’s Italian cuisine, and JAFFA’s Israeli cuisine are among the first-floor eateries. Coffee Break, located on the second level, offers fresh-pressed juices, croissants, pies, empanadas, and artisanal coffee.
In addition to beer, wine, and sake, Okeydokey’s three bars will provide a selection of specialty drinks crafted with premium liquors, freshly squeezed juices, handmade syrups, and unique garnishes. The Bye Fe-Lychee! is a tiki-style drink made with reposado tequila, sake, lychee puree, mint, and grapefruit. The Freshly Squeezed is a refreshing combination of vodka, St. Germain, and fresh strawberries. Sun’s Out, Buns Out is an Old Fashioned spiced with ginger, cinnamon, and orange bitters.
The third, adult-only floor of Okeydokey will debut in the second phase. Although an opening date has not yet been set, guests can anticipate an enlarged beverage menu and nightly entertainment options like live music and DJs.
Stephane Benkemoun, a French businessman and co-founder of Okeydokey, created it with the intention of turning a fast-casual dining idea into a classy, immersive location. Okeydokey will be open Monday through Saturday from 11 a.m. to 11 p.m. and Sunday from 11 a.m. to 10 p.m. at 268 SW 8th St. in Miami. Coffee Break will be accessible every day at 8 a.m.
